14 September 2012

Office rents in Raffles Place are
expected to decline by 12-15 per cent in 2012 and 2013, before returning to
growth in 2014.

While demand has held up well in
Singapore, largely thanks to foreign corporates keen to capitalise on growth in
South-east Asia, landlords remain under pressure to reduce rents because of
still-cautious demand and rising shadow space, said a report released Thursday.

Specifically, sectors that are
expanding in Singapore include legal firms, social media firms, insurance and
medical research companies.